Trump Media & Technology Group shares have slid nearly 20% following former president Donald Trump’s conviction in his hush-money trial last month, extending his company’s run of volatile stock movement since it went public through a merger with Digital World Acquisition Corp in March.
Trump Media closed down more than 5% Monday. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
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Key Facts
Trump Media stock closed down more than 5% at $42.09 Monday after the company filed a notice about a reaudit of its finances completed by a newly hired auditor, which was employed after the company’s previous auditor, BF Borgers, was charged with “massive fraud” by the SEC.
The Truth Social parent company’s shares have dropped 18.8% since May 30, when Trump was convicted on 34 charges of falsifying business records—the first time a former or sitting president has ever been criminally convicted.
Trump Media is also down more than 27% from when it first began trading on the Nasdaq following its merger in March, when it closed at $57.99.
Trump owns a nearly 64% stake in Trump Media worth about $4.7 billion.
Forbes Valuation
We estimate Trump’s net worth at $6.7 billion after it experienced a 4% drop Monday.
Tangent
Trump Media notified the SEC last month it would miss a deadline for the filing of a financial performance report because its new auditor, Semple, Marchal & Cooper, did not have enough time to review Trump Media’s finances following the dismissal of BF Borgers in early May. BF Borgers was dismissed by Trump Media after the auditor was charged with fraud by the SEC, which alleged the firm did not comply with accounting standards and falsely claimed that it did. BF Borgers settled with the SEC for $12 million.
Key Background
Trump Media’s stock dip comes nearly two weeks after the former president’s conviction in New York. Trump was convicted of 34 counts of falsifying business records and faces a maximum sentence of 136 years in prison ahead of his July 11 sentencing. However, it is unlikely he will receive such a punishment since he is a first-time offender. It is also generally expected by legal experts that Trump will not be sentenced to prison at all.
This article was first published on forbes.com and all figures are in USD.
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